Viet Nam’s export rice price has increased by US$4 to US$6 per ton due to increasing import demands while supply has been decreasing. Increased export demands have pushed domestic summer-autumn rice prices to a record high.
In the Mekong Delta, the price of processed rice increased by VND20,000 (US$1.25) to VND100,000 (US$6.25) per ton from the previous week.
Vietnamese companies have so far signed export contracts for over 4.5 million tons of rice with 3.7 million tons exported already bringing over US$1 billion. It is expected that the export volume will reach 5 million tons with the turnover of US$1.4 billion by the end of the year.
Despite increasing export rice prices, companies seem hesitant to sign export contracts for fear of losses due to mounting material rice prices in the near future.